Cambridge Bancorp Q4 Profit Misses Street View

(RTTNews) - Cambridge Bancorp (CATC), a bank-holding firm, on Tuesday reported a decline in earnings for the fourth-quarter, that particularly reflected expenses related to merger with Northmark Bank. In addition, the lender's earnings for the period fell below Street view.

For the three-months to December 31, the Cambridge-headquartered company reported a net income of $11.319 million or $1.44 per share, compared with $13.262 million or $1.88 per share a year ago.

Four analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share of $2.05.

The company said that towards merger with Northmark, it had assumed $303.2 million in loans and the acquisition of $373.1 million in deposits.

Operating net earnings were at $15.045 million or $1.92 per share, compared with last year's $13.501 million or $1.92 per share.

Interest expenses increased to $8.657 million from $1.738 million of the fiscal 2021.

Noninterest income fell to 10.063 million from $11.454 million of previous-year quarter.

Noninterest expense was at $31.869 million, compared with $25.468 million, recorded for the same period of previous fiscal.

Denis K. Sheahan, CEO of Cambridge Bancorp, said: "…While we see evidence of an economic slowdown in 2023, we feel well prepared with continued strength in asset quality and capital levels."